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Egypt To Get $3 Billion In Aid From Qatar

The gas-rich Gulf State of Qatar has come to the rescue of Egypt by providing a $3-billion aid through purchase of bonds while the North African country is negotiating for an IMF loan of $4.8 billion to tide over its economic crisis.

The aid was announced by Qatari Prime Minister Hamad bin Jassim Al Thani at a joint press conference in Doha with his visiting Egyptian counterpart Hisham Qandil on Wednesday. The assistance was over and above a previously announced aid package of $5 billion, Arab media reported.

Qatar is the biggest financial backer of Egypt's Islamist-led government since it came to power after overthrowing the autocratic regime of President Hosni Mubarak.

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